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HP's arch-rival
IBM(IBM - Get Report) also
missed Wall Street's top and bottom-line estimates in its first-quarter results, with the tech giant's hardware business experiencing a particularly sharp decline.

"Given continued macroeconomic challenges, the enterprise market is expected to remain muted in the near term, placing pressure on HP's end markets," wrote Kulbinder Garcha, an analyst at Credit Suisse, in a note.

The analyst also predicts an "anemic" performance from HP's PC and printing businesses. "Given Dell's recent statement on discounting PCs in order to regain share, HP's position may continue to be challenged," he wrote. Garcha expects the company's Personal Systems Group to generate second-quarter revenue of $8.6 billion, a decline of 9% compared to the prior year's quarter.

During the first quarter, HP's Personal Systems sales declined 8% year over year, while Printing revenue was down 5%.

The Palo Alto, Calif.-based firm will report its second-quarter numbers after market close.